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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15946
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Bought and sold a piece of land, would that by any chance full

Resolved Question:

bought and sold a piece of land, would that by any chance full under entrepreneurial relief?
thanks
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

Can you tell me to what use the land was put during your ownership of it please.
Customer: replied 2 years ago.

land was empty.

client managed to get planning permission to put a house on it.

Expert:  TonyTax replied 2 years ago.
Thanks.

As the land was never used as a business asset, entrepreneurs' relief will not be available I'm afraid. Take a look here for the detailed criteria that have to be met for ER to apply.

I hope this clarifies things for you but let me know if you have any further questions.
TonyTax and other Tax Specialists are ready to help you
Expert:  TonyTax replied 2 years ago.
Hi again.
It's been a few days since I answered your question. Is there anything you need further clarification on?